The gas cylinder market is projected to be worth USD 7.6 billion in 2024. The market is anticipated to reach USD 9.4 billion by 2034. The market is expected to advance at a CAGR of 2.1% during the forecast period 2024 to 2034.
Key Market Trends and Highlights
Advancements in materials and manufacturing technologies are leading to the development of lightweight and high strength gas cylinders, which offer improved safety and efficiency, which is expected to drive the adoption of gas cylinders across various end user industries.
| Attributes | Key Insights |
|---|---|
| Gas Cylinder Market Estimated Size in 2024 | USD 7.6 billion |
| Projected Market Value in 2034 | USD 9.4 billion |
| Value-based CAGR from 2024 to 2034 | 2.1% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The scope for gas cylinder rose at a 1.2% CAGR between 2019 and 2023. The global market is anticipated to witness a CAGR of 2.1% over the forecast period 2024 to 2034.
Industrial growth, particularly in sectors such as manufacturing, healthcare, and oil and gas, had driven the demand for gas cylinders for storage and transportation of various gases used in production processes and applications, during the historical period.
Advancements in gas cylinder materials, manufacturing processes, and safety features improved the efficiency, durability, and safety of gas cylinder solutions, driving adoption across industries.
Stringent safety regulations and standards regarding the storage, handling, and transportation of gases necessitated the adoption of high quality gas cylinders compliant with international safety standards, also augmented the market growth.
The forecast period is expected to witness a significant increase in demand for gas cylinders for storing and transporting gases used in green technologies, including hydrogen fuel cells and renewable energy storage systems.
The healthcare industry is anticipated to continue driving demand for gas cylinders for the storage and transportation of medical gases, driven by the aging population, technological advancements in healthcare, and increasing healthcare infrastructure investments globally.
The proliferation of e-commerce platforms and online distribution channels is expected to streamline the procurement process for gas cylinders, making them more accessible to a wider range of customers, including small and medium sized enterprises.
The rise in industrial activities across various sectors such as manufacturing, healthcare, automotive, aerospace, and electronics is fueling the demand for gas cylinders for storage and transportation of various gases.
Principal Consultant
Stringent regulations and compliance requirements related to the manufacturing, handling, and transportation of gases and gas cylinders can pose challenges for market players. Compliance with safety standards and environmental regulations may require significant investments in technology and infrastructure.
The below table showcases revenues in terms of the top 5 leading countries, spearheaded by India and France. The countries are expected to lead the market through 2034.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 0.7% |
| The United Kingdom | 0.8% |
| Germany | 0.5% |
| France | 1.2% |
| India | 5.4% |
The gas cylinder market in the United States expected to expand at a CAGR of 0.7% through 2034. The country has a diverse industrial base, including manufacturing, oil and gas, healthcare, aerospace, and electronics industries, all of which require gas cylinders for storage and transportation of various gases. The expansion of these industries drives the demand for gas cylinders across different applications.
The United States is a major player in the energy sector, with significant production of oil, natural gas, and renewable energy sources. Gas cylinders are essential for storing and transporting gases used in energy exploration, production, and distribution, driving demand within the energy sector.
The gas cylinder market in the United Kingdom is anticipated to expand at a CAGR of 0.8% through 2034. The healthcare sector in the United Kingdom relies on medical gases for patient care, anesthesia, respiratory therapy, and diagnostic procedures.
Gas cylinders are essential for storing and delivering medical gases such as oxygen, nitrous oxide, and carbon dioxide, supporting healthcare facilities and driving market growth in the healthcare sector.
The food and beverage industry in the United Kingdom utilizes gases for packaging, carbonation, chilling, and freezing processes. Gas cylinders provide a convenient and reliable source of gases such as carbon dioxide and nitrogen, ensuring product quality, freshness, and shelf life, thus contributing to market growth in the food and beverage sector.
Gas cylinder trends in Germany are taking a turn for the better. A 0.5% CAGR is forecast for the country from 2024 to 2034. Germany has ongoing construction and infrastructure development projects that require gases for welding, cutting, and heating applications.
Gas cylinders play a vital role in providing on site gas supply for construction sites, infrastructure projects, and maintenance activities, driving market growth in the construction sector.
Germany is undergoing a transition towards renewable energy sources and sustainable technologies. Gas cylinders are essential for storing and transporting gases used in renewable energy production, fuel cells, and hydrogen infrastructure, supporting the energy sector transition and driving market growth.
The gas cylinder market in France is poised to expand at a CAGR of 1.2% through 2034. France is known for its technological innovation and engineering expertise. Ongoing advancements in gas cylinder design, materials, and manufacturing processes enhance the safety, efficiency, and reliability of gas cylinders, driving adoption rates and market growth.
France has a growing demand for specialty gases used in research, development, and industrial applications. Gas cylinders designed for storing and delivering specialty gases enable precise control of gas compositions and purity levels, catering to the needs of laboratories, pharmaceutical companies, and semiconductor manufacturers.
The gas cylinder market in India is anticipated to expand at a CAGR of 5.4% through 2034. The focus of Indian government on reducing air pollution and promoting sustainable development has led to a shift towards cleaner energy sources such as natural gas and LPG. Gas cylinders enable the use of these cleaner fuels in households, industries, and transportation, supporting energy transition and driving market growth in India.
Investments in gas infrastructure, including LPG bottling plants, distribution networks, and storage facilities, enhance the availability and accessibility of LPG cylinders across India. Infrastructure development projects facilitate the efficient distribution and supply of gas cylinders, fostering market expansion and meeting growing demand.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The below table highlights how Type I segment is projected to lead the market in terms of cylinder type, and is expected to account for a share of 37.3% in 2024. Based on gas type, the flammable gases segment is expected to account for a share of 29.2% in 2024.
| Category | Market Shares in 2024 |
|---|---|
| Type I | 37.3% |
| Flammable Gases | 29.2% |
Based on cylinder type, the Type I segment is expected to continue dominating the gas cylinder market. Type I gas cylinders are known for their exceptional durability and strength, making them suitable for storing and transporting various gases, including medical gases. Their robust construction ensures reliable performance and long service life, making them preferred choices in critical applications such as healthcare.
Type I cylinders are designed and manufactured to meet stringent safety standards and regulatory requirements for gas storage and transportation. Their robust construction and reliable sealing mechanisms ensure the safe containment of medical gases, reducing the risk of leaks or accidents in healthcare facilities.
In terms of gas type, the flammable gases segment is expected to continue dominating the gas cylinder market, attributed to several key factors. Flammable gases, including hydrogen, acetylene, and methane, are widely used in industrial processes such as welding, cutting, brazing, and heat treatment.
The growing demand for these gases in manufacturing, construction, automotive, and metal fabrication industries drives the growth of the flammable gases segment.
Flammable gases such as hydrogen are gaining traction as alternative energy sources for fuel cells, power generation, and energy storage systems. The increasing emphasis on renewable energy and clean technologies fuels demand for flammable gases, supporting market growth in the segment.
The competitive landscape of the gas cylinder market is characterized by a diverse mix of global, regional, and local players competing across various segments and geographical regions.
The market attracts a wide range of manufacturers, suppliers, distributors, and service providers vying for market share and differentiation, as the demand for gas cylinders spans multiple industries, including industrial, healthcare, automotive, construction, and energy.
Company Portfolio
| Attribute | Details |
|---|---|
| Estimated Market Size in 2024 | USD 7.6 billion |
| Projected Market Valuation in 2034 | USD 9.4 billion |
| Value-based CAGR 2024 to 2034 | 2.1% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered | Cylinder Type, Wrap Type, Size, Gas Type, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, France, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Luxfer Gas Cylinders; Hexagon Composites ASA; Worthington Cylinders; Dragerwerk AG & Co KGaA; Time Technoplast; Faber Industries P.A.; Beijing Tianhai Industry Co; Linde plc; Welz Gas Cylinder GmbH; Zhejiang Tianlong Cylinder Co. Ltd. |
The gas cylinder market is projected to reach a valuation of USD 7.6 Billion in 2024.
The gas cylinder industry is set to expand by a CAGR of 2.1% through 2034.
The gas cylinder market is forecast to reach USD 9.4 Billion by 2034.
India is expected to be the top performing market, exhibiting a CAGR of 5.4% through 2034.
Type I segment is preferred, and is expected to account for a share of 37.3% in 2024.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Cylinder Type 5.1. Type I 5.2. Type II 5.3. Type III 5.4. Type IV 5.5. Type V 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Wrap Type 6.1. Wrap Less 6.2. Glass Fiber 6.3. Aramid Fiber 6.4. Carbon Fiber 6.5. HDPE 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Size 7.1. 3 kgs 7.2. 4.5 kgs 7.3. 6 kgs 7.4. 9 kgs 7.5. 14 kgs 7.6. 17 kgs 7.7. 19 kgs 7.8. 21-34 kgs 7.9. 35-48 kgs 7.10. Other Sizes 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Gas Type 8.1. Inert Gases 8.2. Flammable Gases 8.3. Toxic Gases 8.4. Pyrophoric Gases 8.5. Oxidizers Gases 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Luxfer Gas Cylinders 19.2. Hexagon Composites ASA 19.3. Worthington Cylinders 19.4. Dragerwerk AG & Co KGaA 19.5. Time Technoplast 19.6. Faber Industries P.A. 19.7. Beijing Tianhai Industry Co 19.8. Linde plc 19.9. Welz Gas Cylinder GmbH 19.10. Zhejiang Tianlong Cylinder Co., L.T.D. 20. Assumptions & Acronyms Used 21. Research Methodology
Explore Packaging Insights
View Reports
Gas Cylinder Market
